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Valeant Raises Bid for Allergan in Hostile Takeover Attempt

Allergen spurned Valeant's earlier offer


On Wednesday, Valeant Pharmaceuticals International (VRX) boosted its takeover offer for Allergen (AGN) by $10 per share. Shares of both VRX and AGN fell more than 4% in morning trading.

AllerganValeantComboUnder its latest bid, Valeant says it will pay $49.4 billion in cash and VRX shares to buy Allergen. The total value of the new Valeant bid is about $166.16 per Allergen share, the Wall Street Journal notes.

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Activist investor William Ackman controls a 9.7% stake in Allergen through his Pershing Square Capital Management, which has signaled support for the Valeant bid. Allergen issued a statement indicating that its board would review the new offer.

In order to address potential antitrust objections to the merger, Valeant said it had divested itself of the commercial rights to some dermatology products.

Allergen rejected Valeant’s previous unsolicited takeover bid, valued at $46 billion.

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